India 2018

186 India 2018
production of petroleum products was at 160.634 MMT i.e. an increase of 6.88
per cent over 150.296 MMT of production achieved during the corresponding
period last year.
Foreign Direct Investment Inflow
In order to attract Foreign Direct Investment (FDI) in the sector, the FDI policy
has been further liberalized. FDI for petroleum refining by CPSEs has been
allowed with 49 per cent foreign equity under the automatic route instead of
approval through Foreign Investment Promotion Board. It may be observed
that inflow of FDI in petroleum and natural gas has varied considerably over
the years that could at least be partly due to the bulkiness of investment in the
sector. The highest FDI inflow was received in 2011-12 at ` 9,955 crore
contributing 6.03 per cent of total FDI inflow in the economy.
Oil and Natural Gas Corporation Limited
Oil and Natural Gas Corporation Ltd. (ONGC), engaged in exploration and
production of crude oil, natural gas and value added products was incorporated
in 1993 under Companies Act, 1956, pursuant to government's decision to
transform the statutory commission into a Public Limited Company, through
an Act of Parliament [Oil and Natural Gas Commission (Transfer of Undertaking
and Repeal, Act, 1993)].
ONGC Videsh Limited
ONGC Videsh Limited (OVL), is engaged in exploration and production of oil
and gas outside India. OVL was incorporated as Hydrocarbons India Limited
in 1965 to perform international exploration and production business. The
company was rechristened as ONGC Videsh Limited from 1989. It has
participated either directly or through its wholly owned subsidiaries/joint
venture companies in 30 projects in 15 countries of which nine projects are
operated by OVL, 7 projects are jointly operated and 14 projects managed
through participating interest. Currently, OVL has oil and gas production from
10 projects in eight countries, namely, Russia (Sakhalin-1 and Imperial Energy),
Syria (Al-Furat Petroleum Co.), Vietnam (Block 06.1), Colombia (MECL), Sudan
(Greater Nile Petroleum Operating Company), South Sudan (Greater Pioneer
Operating Company and Sudd Petroleum Operating Company), Venezuela (San
Cristobal) and Brazil (BC-10). There are five projects where hydrocarbons have
been discovered and are at various stages of development and 15 projects are
under various stages of exploration.
Oil India Limited
Oil India Limited (OIL), a Government of India enterprise, is engaged in the
business of exploration, production and transportation of crude oil and natural
gas. In 1959, Oil India Private Limited was incorporated to expand and develop
the newly discovered oil fields of Naharkatiya and Moran in Assam. In 1961, it
became a joint venture company between the Indian Government and Burmah